ARE MONETARY AND BANKING CRISES INEVITABLE IN THE NEAR FUTURE?
Dr. Edwin Vieira, Jr., Ph.D., J.D. March 17, 2005 NewsWithViews.com Contrary to a widespread belief, socialism in the Soviet Union and Eastern Europe did not collapse because of the clever geostrategic maneuvers of the Reagan Administration. Neither did the East Bloc break up because its leaders were incompetents who put into practice the wrong plans. Particular politicians and policies–East or West–had next to nothing to do with it. The East Bloc fell apart–and had to fall apart, no matter what anyone did–because of an obscure principle of economics known as “the impossibility of rational economic calculation under bureaucratic central planning”. Socialism failed–and must always fail–because, without prices for goods and services generated by a free market, central planners cannot allocate resources and manpower intelligently. But central planners cannot allow a free market to set prices (otherwise there could be no central planning). In the long run, this self-imposed bureaucra
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